On the 27th, MyDaily was informed by a representative for Min Hee-jin that on the 24th, the ADOR board had unexpectedly notified them of a meeting to discuss the change in CEO. Former CEO Min participated in the meeting through a phone call.
The representative emphasized that former CEO Min was dismissed without her consent, which is a clear violation of the shareholders’ agreement.
The company reiterated that former CEO Min will remain a producer for NewJeans, although this decision has not been mutually agreed upon. This is yet another instance of the company issuing a unilateral notice. Currently, former CEO Min is thoughtfully considering her choices.
On that particular day, ADOR released a formal announcement stating, “At our board meeting earlier today, we named Jo Young as ADOR’s new CEO. Jo is a highly skilled HR professional with a wealth of experience in diverse industries and will be dedicated to stabilizing and reorganizing ADOR’s structure.”
ADOR clarified that despite Min Hee-jin stepping down as CEO, she will still be a member of the board of directors and will continue to oversee the production work for NewJeans.
“ADOR will additionally divide its production and management roles, in keeping with the multi-label operation principle that has been consistently implemented by other labels. However, ADOR has been an anomaly in this regard as the CEO has overseen both production and management.”
The information was obtained from Nate’s website.
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